With the recommendations from others with experience,my plan is as follows: Accepting the Chevron credit builder card. Follow with the:FCNB secure card,follow by the:Chase secure card. Even though I had the app.for Amex secure Optima and wasn't going to consider because they don't report,but am seriously considering it to build relations with Amex in hopes of one day getting a unsecure card.Okay guys and gals,what are your opinions or what you would do differently?
MY STRADEGY is....I have 2 years of college,believe it or not,it's not me! It's the keyboard... gotta blame something other than myself!!!! In reference to the misspelling of sradegy-stradegy!
RE: MY STRATEGY is... It could be worse! You could be like me...my spelling and keyboard are okay; I just can't type worth a damn! The banks you've chosen are reputable. However, before you begin opening secured card accounts, you might try applying for a couple unsecured, sub-prime accounts. The Capital One Visa Classic and the Orchard Bank Mastercard are two of the easiest to qualify for, and you can apply for both online. If you don't qualify, you've only added two inquiries to your credit report. If it comes to that, and you have to go for a secured card, both of those banks offer a good secured card and online payment. They both post payments on time, and they do report positive credit to all three credit bureaus. Another thing to consider before going secured is a local credit union. If you are a member of one, or if you are eligible to join one, find out if they offer a secured card. Their interest rates are normally much better than anyone else's, and establishing good credit with a credit union can be a real plus when it comes to other financial needs. Many credit unions don't advertise secured cards, so you might have to call and ask. While most people consider their jobs as the only eligibility criterion for joining a credit union, there are other criteria they can consider. Having a family member, even a distant one, who belongs to a certain one, can qualify you. Also, being a member of certain organizations, churches, or even parts of a community can qualify you as well. Shop around and find out. This could help you more than you might realize.
RE: MY STRATEGY is... Doris excelent advise on the Credit Union, but I will difffer with you on the choice of Orchard over FCNB. My advise is go with FCNB, simply due to their great integrety, and service. Also there secured and more programme gives you 25% more credit than your security, with the ability to add to it! The only other advise I can think of is in the future a secured loan using an interest payment only would benefit you. And again a credit Union would be best for this!
RE: MY STRATEGY is... Thanks, Michael! Don't get me wrong about FCNB. It seems to have a great reputation on this board, and it does deliver a better credit limit than most secured cards. The secured card from Capital One is close, but it doesn't seem to be too easy to unsecure. My push for Orchard Bank and Capital One should have been mostly for the unsecured cards. They're really worth applying for. I've know some people with some really rotten credit who have had success with them.
RE: MY STRATEGY is... I agree about getting Orchard's unsecured card. This bank is very good about granting credit limit increases. Accounts are reviewed every six months and as long as you keep up your end by making payments on time, there is no reason you will not be granted an increase. Capital One, however, is more conservative about increases than Orchard and it is never clear when or if you will ever get one.
